Lee Klarich - 03 Dec 2025 Form 4 Insider Report for Palo Alto Networks Inc (PANW)

Role
EVP Chief Product & Tech Ofcr, Director
Signature
/s/ Elizabeth Villalobos, Attorney-in-Fact for Lee Klarich
Issuer symbol
PANW
Transactions as of
03 Dec 2025
Net transactions value
-$20,209,903
Form type
4
Filing time
04 Dec 2025, 16:30:05 UTC
Previous filing
04 Nov 2025
Next filing
12 Dec 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Klarich Lee EVP Chief Product & Tech Ofcr, Director C/O PALO ALTO NETWORKS INC., 3000 TANNERY WAY, SANTA CLARA /s/ Elizabeth Villalobos, Attorney-in-Fact for Lee Klarich 04 Dec 2025 0001682260

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PANW Common Stock Options Exercise $2,967,322 +92,010 +26% $32.25 448,419 03 Dec 2025 Direct
transaction PANW Common Stock Sale $400,429 -2,137 -0.48% $187.38 446,282 03 Dec 2025 Direct F1, F2
transaction PANW Common Stock Sale $1,433,757 -7,592 -1.7% $188.85 438,690 03 Dec 2025 Direct F1, F3
transaction PANW Common Stock Sale $1,629,957 -8,598 -2% $189.57 430,092 03 Dec 2025 Direct F1, F4
transaction PANW Common Stock Sale $3,751,207 -19,670 -4.6% $190.71 410,422 03 Dec 2025 Direct F1, F5
transaction PANW Common Stock Sale $1,321,514 -6,901 -1.7% $191.50 403,521 03 Dec 2025 Direct F1, F6
transaction PANW Common Stock Sale $10,360,900 -53,755 -13% $192.74 349,766 03 Dec 2025 Direct F1, F7
transaction PANW Common Stock Sale $4,279,462 -22,121 -6.3% $193.46 327,645 03 Dec 2025 Direct F1, F8
holding PANW Common Stock 690,000 03 Dec 2025 See footnote F9

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PANW Stock Option (right to buy) Options Exercise $0 -92,010 -50% $0.000000 92,010 03 Dec 2025 Common Stock 92,010 $32.25 Direct F10
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 27, 2024.
F2 This sale price represents the weighted average sale price of the shares sold ranging from $187.06 to $187.95 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F3 This sale price represents the weighted average sale price of the shares sold ranging from $188.145 to $189.14 per share. Upon request by the Commission staff, the Issuer, or a security holder of the 1Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F4 This sale price represents the weighted average sale price of the shares sold ranging from $189.15 to $190.13 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F5 This sale price represents the weighted average sale price of the shares sold ranging from $190.16 to $191.155 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F6 This sale price represents the weighted average sale price of the shares sold ranging from $191.16 to $192.155 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F7 This sale price represents the weighted average sale price of the shares sold ranging from $192.16 to $193.155 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F8 This sale price represents the weighted average sale price of the shares sold ranging from $193.16 to $193.96 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F9 Shares are held by the Lee and Susan Klarich 2005 Trust, dated Dec. 5, 2005, for which the Reporting Person and his spouse serve as trustees.
F10 The shares subject to the option are fully vested and exercisable.